What is WalletConnect?
WalletConnect is an open protocol made to facilitate a secure connection between mobile cryptocurrency wallets and desktop applications, such as dapps. Transactions are made through an encrypted connection by scanning a QR code, and are confirmed on the mobile device. As the private key never leaves the user’s device, their funds are never at risk and the possibility of a hijack is very low.
Is WalletConnect Safe?
With WalletConnect, the transaction signature is conducted on your mobile device’s WalletConnect app. The considerations for this are that you need to make sure the transaction sent to WalletConnect is the transaction you intend to send (is it the correct recipient address and amount) and you need to make sure that your WalletConnect Mobile app is not changing the transaction and submitting a malicious transaction (intending to route your funds to malicious entity) back. This relies primarily on the security of the WalletConnect app you use.